In brief
When would the directors of a company be bound to consider the interest of the company's creditors? This was the issue at the heart of the Singapore Court of Appeal's (SGCA) watershed decision in Foo Kian Beng v OP3 International Pte Ltd (in liquidation) [2024] SGCA 10, which comes hot on the heels of the UK Supreme Court's pronouncements on the same issue in BTI 2014 LLC v Sequana SA and others [2022] UKSC 25.
In brief
On 18 January 2024, the Singapore International Commercial Court (SICC) issued its decision in Re PT Garuda Indonesia (Persero) Tbk [2024] SGHC(I) (“Re Garuda Indonesia“), which was the SICC’s first decision on an application under the UNCITRAL Model Law on Cross-Border Insolvency (as enacted in Singapore in the Third Schedule of the Insolvency, Restructuring and Dissolution Act 2018 (2020 Rev Ed) (“Singapore Model Law“)).
In brief
On 18 January 2024, the Singapore International Commercial Court (SICC) issued its decision in Re PT Garuda Indonesia (Persero) Tbk [2024] SGHC(I) ("Re Garuda Indonesia"), which was the SICC's first decision on an application under the UNCITRAL Model Law on Cross-Border Insolvency (as enacted in Singapore in the Third Schedule of the Insolvency, Restructuring and Dissolution Act 2018 (2020 Rev Ed) ("Singapore Model Law")).
In brief
In brief
Against the backdrop of the COVID-19 pandemic and soon-to-be-rescinded government support schemes, local principal Emmanuel Chua and associate Shriram Jayakumar at Baker & McKenzie Wong & Leow in Singapore discuss three key trends to look for in the “new normal.”
Contents
In brief
Against the backdrop of the covid-19 pandemic and soon-to-be-rescinded government support schemes, local principal Emmanuel Chua and associate Shriram Jayakumar at Baker & McKenzie Wong & Leow in Singapore discuss three key trends to look for in the “new normal”
Singapore’s new (the Omnibus Bill) was passed by parliament on 1 October 2018 and is expected to come into force later this year or in early 2019.
The Omnibus Bill, which was introduced to parliament on 10 September 2018, consolidates Singapore's corporate and personal insolvency and restructuring laws into a single enactment. It also generally updates the insolvency legislation and introduces a significant number of new provisions, particularly in respect of corporate insolvency.
(Bankr. S.D. Ind. Dec. 4, 2017)
The bankruptcy court grants the motion to dismiss, finding the defendant’s security interest in the debtor’s assets, including its inventory, has priority over the plaintiff’s reclamation rights. The plaintiff sold goods to the debtor up to the petition date and sought either return of the goods delivered within the reclamation period or recovery of the proceeds from the sale of such goods. Pursuant to 11 U.S.C. § 546(c), the Court finds the reclamation rights are subordinate and the complaint should be dismissed. Opinion below.
(Bankr. E.D. Ky. Nov. 22, 2017)